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Tunisia Rating Down

Tunisia Rating Down

Fitch Ratings has downgraded Tunisia’s long-term foreign and local currency issuer default ratings to ‘B+’ from ‘BB-’. The outlook is stable. The issue ratings on Tunisia’s senior unsecured bonds have also been downgraded to ‘B+’ from ‘BB-’, Tap.Info reported. The agency explained this by “the collapse of tourism in the context of elevated security risks, slowdown in investment amid frequent government changes and episodes of strikes and social unrest that have weakened economic growth performance and prospects, with negative spillovers to external and public finances.” Fitch projects GDP growth of 2.3% in 2017 and 2.5% in 2018.